insurance

HOME PAGE

2008-11-01T11:30:00.000-07:00

When you really need it, you will be glad you took the time to purchase good car insurance. The purpose of the articles in this section is to prepare drivers with the right auto insurance policy before it is too late. Then, if trouble strikes, you and your family — and you.....................

read more with other useful tips

HEALTH INSURANCE

read more with other useful tips

HOME INSURANCE

read more with other useful tips

LIFE INSURANCE

read more with other useful tips

Claiming Auto Insurance

2008-10-28T03:53:00.000-07:00

If an accident occurs, even if it’s your fault, never accept liability or blame. Don’t offer anything other than your insurance details, and don’t offer money for damages. It’s easy to panic and do what you can to diffuse a situation but claiming fault at this stage could cost you dear. If the other driver accepts blame, inform your insurer of this as it will make claiming much simpler. Get names and addresses of witnesses and anyone else involved in the incident such as passengers. You also need to get the contact details and insurance details of the other driver; they have to give this to you by law. If the police arrive at the scene, get their badge numbers. Your insurer will need this information when processing a claim.

Remember to take photographs of your car, and any damage caused. If the other driver permits, get pictures of their car too. Photographic evidence is often more reliable than witness testimony in the event of a dispute, so make sure you have enough. You should also get photographs of the scene if possible. A camera phone is useful for this.

You may find it useful to make a sketch of the layout of the scene and the positions of cars, witnesses and any objects which may have caused an obstruction. Also record any speed limits in the area – if the other driver was speeding this will greatly help your claim – and what the weather was like; e.g. rain can make roads less safe, bright sunlight could have caused temporary blindness. Any information about the area of the accident that you think may possibly help should be noted.

Finally, inform your insurance company as soon as possible. A car insurance claim can be a lengthy process so don’t delay. Claiming on someone else’s motor insurance shouldn’t affect your premiums too much.

Average Price of Life Insurance

2008-10-28T03:50:00.000-07:00

Many people wanting to purchase life insurance can be put off when they think of the costs involved. To put them at ease and make sure that everyone gets to protect their family in case of a premature death, we will take a look at what determines the cost of insurance and what is the average price of life insurance.

To understand this question we need to understand the basics of what life insurance is and how the insurance company determines the premium costs and the risks that they look at when they insure a client.

The cost of life insurance will depend on many factors. These are some of the factors that insurers take into consideration when determining what they should charge:

-The age of the insured; the older you are the more expensive.
-The occupation; the higher the occupational risk the more the charge.
-The gender usually females rates are discounted.
-The health history of the insured including the weight and height ratio.
-The insured habits like smoking/drinking etc.
-Any preexisting medical condition.
-The amount of coverage required.
-The type of life insurance taken.
-All insurance companies have different rates as there is no standardized underwriting rate.
-The length of the insurance policy

Therefore from the above it is conclusive that the cost of insurance will be different from one person to another.

However there are some minimum charges that any insurance company needs to underwrite any policy. Mostly they have a minimum sum assured that can be taken for different types of life insurance.

Term Life insurance is one of the cheapest type of policy available online and in the market.
Look for a whole life insurance calculator online which can give you some quotes before you get a final premium cost. If you feel you need to discuss with an insurance agent you can set an appointment with one but beware as your cost might end up being higher because the insurer will factor in the agents commission.

It is almost impossible to determine what is the average price of life insurance for any individual without knowing the rate being used by the insurance company and how the above factors influence them in their costing.

Option for Quality not Price

2008-10-28T03:46:00.002-07:00

UK households that decide to purchase a cheap home insurance policy rather than one that is of a better quality could be putting themselves at risk of not having adequate cover.

A leading comparison site has found that people should be taking more than the cost of their home insurance policy into account.

It’s been found that customers are at risk of being under insured if they purchase a home insurance policy based solely on its price rather than reading the small print and finding out what you are covered for. This could mean that you end up footing the bill rather than the insurance company in the event of an emergency.

The comparison site has teamed up with a popular high street building society in order to urge homeowners and tenants to make sure that they are properly insured with a full insurance policy. Although price is a very important factor at this financially unsettled time, people need to think ahead because in the event of the policy not covering the incident that has occurred, the cost of recovering the situation may be a lot more expensive.

The comparison site have said that they would recommend homeowners compare home insurance policies and the cover they offer before opting for the cheapest one they can find.

The building society has agreed with this, explaining that there isn’t one policy that can suit all and that you will often get what you pay for. Buying on price alone can often be a dangerous strategy as when you come to claim you may find that you are not fully covered for all of the necessary risks that might occur.

A leading comparison site has found that people should be taking more than the cost of their home insurance policy into account.

The comparison site has teamed up with a popular high street building society in order to urge homeowners and tenants to make sure that they are properly insured with a full insurance policy.

The comparison site have said that they would recommend homeowners compare home insurance policies and the cover they offer before opting for the cheapest one they can find.

Holiday Home Insurance

2008-10-28T03:46:00.001-07:00

Many people buying a holiday home or second home in the UK or in Europe are offered holiday home insurance cover by an insurer, broker, their foreign agent or notary. Of course it is too easy not to say “No”, but the cover offered may not be suitable due to the special insurance requirements needed for a holiday home or second home.

With the risks of owning a second home abroad or in the UK being that much greater than your main home or residence, there is a real call for a second home insurance policy that is written in easy to understand English, that pays specific attention to the particular requirements for holiday homes, and that also has wide coverage.

Your holiday property insurance should also ensure that all local taxes on overseas properties are included within the premium. Buildings and Contents cover should be flexible so that owners do not end up paying for cover that they do not need. Not every property has a swimming pool. Certain features are considered to be of vital importance, and therefore overseas home insurance cover for loss of use, legal liability for domestic staff, public liability and accidental damage to domestic supplies should be included as standard.

The true value of any insurance is however only fully appreciated when a claim is made. Holiday home owners who own a property overseas and have overseas holiday home insurance should be spared the difficulties of discussing their claim with a foreign agent via a continental telephone call, and should be able to speak directly to experienced English staff that will provide assistance and be fully responsible for liaising with the overseas loss adjusters.

You might think that the best thing to go for is cheap holiday home insurance, but you really need to ask yourself whether you are really that well covered with the cheapest policy? Although low premium rates are often of importance, the overseas house insurance cover should be simple to understand, offer a high level of security and in the event of a claim a satisfactory result.

It is essential that you get the correct property insurance to suit the specialized requirements needed for your holiday home. Using an insurance agent who does not specialize in, or fully understand the requirements of your holiday home or let property, you may find that you do not have adequate cover to fully protect your holiday home. You must get specialist overseas holiday property insurance. And you must get insurance for buildings and contents designed exclusively for properties used as holiday homes or let for holiday use.

Do you have cover for legal liability for domestic employees? What restrictions are in place when letting and un-occupancy etc? And most important of all what do you do in the event of a claim? As an owner of a holiday home abroad, it is vital that you fully understand the extent and limitations of your insurance policy.

If your holiday home insurance policy has been placed through an insurance agent or notary in the following countries: UK, Spain, France, Portugal, Italy, Cyprus Greece, Ireland, Malta, Monaco or Andorra , it is more likely that they have not informed you and that you simply do not know.

Getting a Homeowners’ Insurance

2008-10-28T03:42:00.000-07:00

Homeowners’ insurance isn’t something that you can afford to live without. This is a necessity and something that most mortgage companies will require in order for a homeowner to receive the loan or mortgage. This article will show you some simple steps that you can take to ensure your homeowners’ insurance fits your needs.

This type of insurance can be very expensive. People who live in “high-risk” areas, including areas near earthquake fault lines, major waterways, or other areas with high claims, usually will pay the most for coverage. People in high-risk areas often will have to pay annual premiums that cost thousands of dollars.

Expensive premiums aren’t limited to those in high-risk areas, however. Homeowners in suburban areas may pay between $500 and $1,000 a year for basic coverage.

Even though you can’t avoid buying insurance, there are steps you can take to reduce the cost.

Maintain Smoke Alarms and Security Systems

Having a burglar alarm that a central station or police station monitors can help lower your premium by 5 percent or more. You usually must show proof of monitoring to get this discount. A bill or contract can serve as proof for your insurance company.

You also need a smoke alarm. Smoke alarms are standard in most modern homes, but installing them in older homes can save 10 percent or more in annual premiums. They could also save your life!

Raise Your Deductible

The higher your deductible, the less you will pay in a monthly premium. Choosing a higher deductible, however, means that you will be absorbing the cost of replacing broken windows or sheetrock that is damaged by a leaky pipe.

Look for Insurers Who Will Give You a Multiple Policy Discounts

Many companies give a discount of 10 percent or more to customers who have other policies with the same carrier. You may receive these discounts on all the policies that you have with the company. You might want to consider getting a quote for other types of insurance from the company who maintains your homeowners’ insurance.

Plan Ahead for Construction

Certain materials are more flammable than others. This is something you should keep in mind when planning further construction projects. Wood, for example, will cost more to insure than cement or steel.

You also should consider any additional costs that you’ll have if you decide to build a swimming pool. Pools and other items that are notorious for causing injuries - like trampolines - have the potential to increase your insurance premiums by 10 percent or more.

Pay Off Your Mortgage

This is a step that may seem harder than the others on this list. Homeowners who pay off their mortgages, however, usually see a drop in their premiums. There is a basic reason for this. Insurance companies typically feel that if the homeowner owns his or her home outright, they will take better care of the property.

Regularly Review Your Policy and Make Comparisons with Other Companies

You should review your policies at least once a year and compare these to other policies available on the market. You also should note any changes that have happened over the year and may lower your premium.

Getting rid of the trampoline, paying off the mortgage, and installing a security system are three major actions that could happen during a typical year. Notifying the insurance company about all of these steps and providing proof that they have happened could save significant money on a homeowners’ premium.

You should also look around your neighborhood to see if there are any changes that could reduce your premium. Installation of new fire hydrants or fire substations may lower your premium.

Other Things to Keep in Mind

These are items that every homeowners’ insurance policy should have:

Guaranteed Replacement Value Insurance: Everyone should buy this insurance. This policy means that the home will be rebuilt after a disaster regardless of cost. The insurance company will not necessarily rebuild your home if this insurance is not part off your premium. It will likely cost more to build a new home than it did when you bought your home. This policy will absorb the cost and give you a cushion when construction prices increase.

Endorsements: Endorsements are amendments to the basic policy. This enables homeowners to insure high-cost possessions if there is a disaster or loss. A formal endorsement will help with the claim process and ensure that the homeowner can get the full value of the item if there is a loss. Items you may want to have an endorsement for include furs, collectibles, antiques, and jewelry. If a woman wants to insure a diamond engagement ring, for example, the endorsement provides proof of ownership of the ring and proof of value. The woman would get an endorsement by having a jeweler appraise the ring and then end the appraisal to the insurance company.

Finishing It All Up

You should document everything in your home to avoid discrepancies and delays. You can do this by photographing and filming the entire contents of the home. These documents should be kept in a fireproof box, with additional copies in a safety deposit box.

As a note improving or cleaning up your credit and repairing your bad credit can help reduce insurance premiums.

Doing this can help homeowners develop an inventory of their possessions after a disaster or loss. The insurance company will require that you do this before they pay a claim. Having this prepared in advance will shorten the length of time that it takes to process a claim.

Homeowners Insurance - Finding the Best Rates

2008-10-28T03:40:00.000-07:00

You just purchased a new home. One of the requirements for every new home is homeowners insurance. Within the first two weeks you will get dozens of offers from many companies wanting your business.

Your first step is to compare the prices from the companies for what they will cover. Remember that you are required to have a certain amount of coverage from the mortgage company. You may also get a discount form you automobile carrier. Many will combine homeowners insurance with your car insurance and you could get a 10 % discount or even more. This way you would have only 1 person to deal with and only one check to write.

Another way to reduce your cost is to increase your deduction. For example if your deduction was $1000.00 instead of $500.00 you could possible save another 10%.

Many companies will give a discount for a home security system. Remember a home security system will have a cost each month, but the saving on your insurance could be more then your monthly cost.

My last piece of advice would be to ask for any other discounts they may offer. It does not cost anything to ask and you never know what will be offered to you. Remember if you do not ask what kind of deals they can make you will never know.

While looking for the best rates on homeowners insurance, do your homework. Homeowners insurance is very important, because if you do not have the right amount of coverage and something happens you could be in for a big problems. This article gives some ideas of what to do and what to look for while making the best decision with the information you have on hand.

You can save more money and time with our fast service, no obligation and free instant homeowners insurance quote rate online! Visit website at http://Best-Home-Insurance.info and compare your home insurance rates now!

Claiming Home Insurance

2008-10-28T03:36:00.000-07:00

Depending on the nature of the claim, there are certain things which you need to do. If you’re a victim of a robbery or vandalism, you need to first of all inform the police. Make lists of all stolen items and/or damaged property, as well as photographs or videos of the latter, with copies. When the police arrive, take their names and badge numbers for your insurer’s records. You will also need copies of your statement and any other police paperwork to give to your insurer, as well as copies for yourself.

If you or someone else is injured in your home, medical assistance should be sought as soon as possible. Keep all records of hospital visits, prescriptions and doctors notes, and provide copies for your insurer. Again, try to get relevant photographic evidence of injuries and the scene of the accident, and any objects which may have contributed to the injuries.

Another common reason for claiming on house insurance is renovations and/or decorating disasters. If you have hired professionals to carry out work in your home and they cause damages, they should have insurance which you can claim from. If you cause the damages yourself, you will need to claim on your own insurance, but this can be difficult. Before undertaking any work more complicated than painting or wallpapering, check your policy. You may need to inform your insurer of your intention to carry out work, otherwise a claim could be rendered invalid.

If repairs are needed for something like a leaky pipe or water damage, call your insurer before a repair company. Your insurance provider should be able to give you a list of recommended repairers which are available on 24 hour call-out.

In the case of a natural disaster such as a flood or hurricane, you will need to notify the insurer and possibly your local council if your property is damaged. The authorities may provide a safe house or other assistance if your home is severely damaged. If the natural disaster was anticipated through weather warning etc, there may be a contingency plan in place already to help victims.

In some cases, you may be able to afford repairs without claiming on your insurance. Do this if possible as a number of small claims will end cheap home insurance premiums. It’s worth getting both buildings and contents insurance if you’re a DIY fan!

HOME INSURANCE

2008-10-28T03:28:00.000-07:00

Recently there was a news item in the leading newspapers. Really it was worrisome, in every 90 seconds, one house is getting broken. You are facing the threat of losing your hard earned household utilities. Much alarming is the fact related to it; only less than 25% of houses are insured against such eventualities. There are two major types of insurance policies related to home. Mostly they go hand in hand. One is home content insurance and other is home insurance. The later one relates to the immovable structure of the house together with other permanent fixtures while the former one refers to the insurance coverage of the movable items in a house. This article discusses the necessity of both of these insurance schemes. Very often the home content insurance schemes are optional for the homeowners. But the home insurance is a must for availing the mortgage loan, making it very compulsory. Home content insurances refer to the insurance cover to all the contents in the home, including personal belongings and the possessions. These are covered in case they are destroyed or damaged or stolen. Many people require the home content insurance coverage against the major eventuality of theft. House breakings become common and the chance of house wreckage hangs on our head minute after minutes. So it is imperative to have the insurance cover against the theft opportunity. Next reason to insure the contents is the fire damages that can occur anytime in a home. Water damages due to flooding, damages of electronics and electrical equipments due to lightning, electric power short circuit or any other reasons are all such instances warranting home content insurance cover. You can insure all types of utility items such as microwave oven, refrigerator, television, and audio systems, VCDs, computers and any other movable items. The insured amount is estimated depending up on the items insured, their utility life, the depreciation of items and also mainly the options you have selected for insurance cover. Buildings insurance particularly aimed at covering the loss due to the damage of the actual structure, permanent fixtures like the fixed items in toilet, bathrooms, kitchen and other places. The damages caused by natural disasters like earthquake, cyclones, fire and flood, terrorist attack, vandalism and many other eventualities are covered under the schemes. The insurance policy covers the car shed, garages, garden, boundary walls and entrance grills. Building insurance policy amount depends mainly on the total expense you estimate in constructing such a house. It should necessarily cover the mortgage amount and personal investments in acquiring the home. The building insurance and home content insurance can be taken as a joint policy so that the homeowner can save some amount in his wallet. Joint policy comes as a relief to the homeowners as well as insurance companies as they need to do less processing. There are many online insurance companies offering competitive quotes for both together. One advantage of going for online insurance schemes is that you can do a thorough search in locating the best deal. You should select one based on minimal quotes and good customer care.

Claiming Home Insurance

Getting A Homeowners' Insurance

Homeowners Insurance-Finding The Best Rates

Holiday Home Insurance

Option For Quality Not Price

Children's Health Insurance

2008-10-28T03:24:00.000-07:00

Democrats Won't Push Health Insurance For Children

Democrats in the House of Representatives have let down children's health insurance advocates twice now. But the Congressional Democrats say this will not happen ever again.

Democrats in U.S. House of Representatives won’t try to push legislation to expand the States’ Children’s Health Insurance Program (SCHIP) because they know it won’t be passed.”We are not going to change any votes on the children’s health insurance bill. We still don’t have enough to override a veto, ” said U.S. Representative Rahm Emanuel from Illinois.

It is possible that the Democrats or hoping Obama will win president, since he is known to support SCHIP expansion. He has said that he will fight for it to be federally mandated that all children have health insurance.

Republicans think that expanding SCHIP is too costly and a step toward “socialized medicine” which is not what they want. Democrats blurt that Republicans just don’t want to insure children. Representative Emanuel says, “Those who opposed this bill can face the voters and explain why they believe 10 million kids should not get health coverage.”

The SCHIP debate is proving to be a controversial one, and pretty much fully partisan in Washington. This makes for an interesting result to watch for in the 2008 Health Care Campaign.

Democrats Not Pushing Children's Health Insurance

George W Bush, along with the house democrats have let down the advocators for children’s health insurance twice. The Congressional Democrats are assuring that this will not happen again.

House Democrats aren’t trying to push legislation to expand the SCHIP (States’ Children’s Health Insurance Program), saying they know it won’t be passed. Representative Rahm Emanuel from IL states, “We are not going to change any votes on the children’s health insurance bill. We still don’t have enough to override a veto.”

We’re thinking that the Democrats are banking on Illinois Senator Barack Obama winning the presidential election in November. Senator Obama is a supporter of expanding SCHIP, and he’s even gone as far to say he’ll push for a federal mandate that all children have health insurance.

The SCHIP debate is proving to be a controversial one, and pretty much fully partisan in Washington. This makes for an interesting result to watch for in the 2008 Health Care Campaign.

Mental Health Insurance Parity

2008-10-28T03:22:00.000-07:00

U.S. Congress isn’t always known for efficiency. They aren’t well-known for a consensus of support for any issue. But last week, lawmakers on Capitol Hill achieved both. In the matter of a little Congressional housekeeping, the mental health parity bill we have been following was included in the $700 billion Wall Street bailout legislation.

Surprisingly, the mental health parity bill had unanimous support in the House of Representatives, Senate and White House. This law ensures that Americans with health insurance will have better coverage for mental health conditions. This law is now in effect. This information was reported in the New York Times.

The new coverage is said to start January 1, 2010 for most plans. It is estimated that 113 million people will be getting better mental health coverage, says the Times article.

Health insurance companies, as well as employer groups opposed such legislation, initially. U.S. Senators that created the bill also brought all the interested parties to the negotiating table. Those senators are Pete Domenici, Edward Kennedy, Michael Enzi.

The Senators initiated the bill that has now become law. A trade group VP that was involved in the negotiations stated, “It was an incredible process. We built the bill piece by piece from the ground up. It’s a good harbinger for future efforts on health care reform.

Health Insurance Cuts for 18,000 in Minnesota

2008-10-28T03:09:00.000-07:00

For a long time, the Bush Administration has not been opposed to using federal funds for the State’s Children’s Health Insurance Program (SCHIP) in order to insure adults. With all the debating this year on the expansion of SCHIP to more people, the Administration exercised their power by making new rules that make it nearly impossible for states to expand their children’s insurance programs.

States responded by suing the Bush Administration. Within their new 29-page SCHIP rule-book, reported the Minneapolis Star Tribune, the federal government will also cut Medicaid funding for families earning between 100 and 200 percent of the federal poverty level.

That’s bad news for Minnesota’s SCHIP program, MinnesotaCare, which provides coverage for about 18,000 adults who fall in this income level. Without the federal funding, the premiums will quadruple for this group, wrote the Star Tribune article.”A significant loss of federal funding would seriously jeopardize the state’s ability to assist low-income residents in need of health insurance,” said Brian McClung, spokesperson for Minnesota Governor Tim Pawlenty.

So why does MinnesotaCare allow parents to be covered in the first place? “We believe that by covering parents, you improve access for kids,” said Minnesota’s Medicaid director, Christine Bronson.

The cuts would have been in effect right now, but the Federal Centers for Medicare and Medicaid just granted Minnesota a two-week extension to work it all out. 29,000 fingers are crossed.

Individual Health Insurance

2008-10-28T03:05:00.000-07:00

Dog insurance cover is no longer a rare occurrence in America. You can find a good policy for your dog on the internet or by asking your vet doctor. Health cover for your dog does not only provide adequate health care for your dog, it also ensure that you don’t bear the financial burden of providing this alone

The age of the population has an effect on the general rate of maintaining a health insurance. With the increase in the age of a particular insurer’s customer, the request for claims will definitely increase. These insurance companies have to ensure that they remain in business by increasing their premium values. That’s why it’s advisable to get a health insurance early in life. Don’t wait until you get old before getting health insurance.

Note that as people differ, so do their everyday needs and requirements. For the fact that your colleagues have a particular policy does not make that policy good for you, make your own choice based on your own requirements only.

Insurance companies are business organizations too. They want to make profit while providing you with health cover. If you present a high risk condition to them, they may turn down your application for cover because your claims may end up being too costly for the company.

Adding an expected child to your health or dental cover requires you to notify the insurance company within 30 days before the arrival of the child. If you are adopting a child, you will have to re-enroll the child under your policy as a new member. This means for an adopted child you will be required to fill in new forms and the processing will have to follow the usual protocols.

Getting health insurance privately can be more expensive than running a group health cover. If you are self employed and you are not opportune to have a chance to partake in a group policy, you can still enjoy cheap insurance coverage by taking cover under your spouse insurance plan. As long as your spouse is listed in form of group insurance plan, you, as a self employed individual, can partake through your spouse.

If you think that having a health insurance is unaffordable, then you can make use of the HAS (Health Savings Account). This is a method through which you can save up the normal premium you would have been paying into a special kind of savings account. This contribution attracts tax but it is beneficial in the sense that if you actually don’t end up using it, you can dip into it in your retirement without any form of tax deduction.

The Health Maintenance Organization(HMO) policy is cheap kind of health policy operated in Illinois. This policy, although cheap, enjoys no flexibility. They provide you a list of doctors to patronize before you can be covered by the policy. If you are the type of person that travels a lot, this type of policy will not work as you might be away at the time you need to see a doctor and the policy will not pay when you see another doctor.

Health Insurance for Short Period

2008-10-28T03:03:00.000-07:00

Short-term insurance as well as health policies are for those people that are in lines of jobs, just about to retire, in school or leading a student’s life just graduated as well as coming up in search of work.

Short-term insurance health policies are low-priced moreover cost as much little as one pays monthly pay over for his car. A number of short-term health plans might even offer with coverage of US$ 1 million.

Here are some of the basics short-term health insurances:

• Short-term insurance health policies are related as per the health of people devoid of any pre-existing situations that require to be covered up.
• These short-term health insurance policies facilitate in case of unpredicted accidents or illness in the duration of covered period.
• The insurance policies are normally for a time period of 12 months or might be even less then that. There are only few short-term insurance policies available which are having time period of 36 months.
• These policies are bendable as well as there payments are supposed to be made once in a month. This allows flexibility to almost each type of non-existent budgets.
• The plans are precise also they never tend to cover any of the health problems which have existed 36 months sooner then the coverage is taken.
• The majority of these short-term policies have a directory of limitations along with exclusions which are supposed to be considered as well as followed.
• These Short-term health insurance lend a hand to the person when they are indulged within a jobs or presently studying, just released from a military service, for the time being out of work, or if on strike moreover you can count so on many.
• Short-term insurance facilitates along the lines of insurance plans.
• The insurance requires pre-certification sooner than any treatment is under taken apart from that in case of emergency. No documentation possibly will result in any reimbursement commencing with the health plan. It is significant to follow certain rules for it.
• The Short-term insurance includes surgery, drugs, hospitalization also it even follow up regular visits. On the other hand the policies do not cover defensive health care, health related check ups, or immunizations.
• Most short-term health policies can be renewed up to 36 months. However if there is a claim within the period the rules may change.

Health Insurance for College Studients

2008-10-28T03:01:00.000-07:00

Now that you have finally completed your high school education and are now pursuing your dreams by attending college, there are a few things that you need to ponder over other than just worrying about studies. One such thing is the aspect of health insurance. All this while beginning from your childhood till you reached 20 years of age, you were covered under the health insurance of your parents and will no longer be covered under it. This will be a difficulty as you are not working now as you are in college. So, how do you tackle this problem? You need to consider taking up a college health insurance plan. But, make sure to go over the details of the plan to ensure that the plan is best for you.

The benefits provided through college health insurance plans vary from one institute to the other. Although the popular belief is that many wrongly assume that these services are for free. Although consultations and checkup will not be charged in anyway, the individual has to bear expenses like lab tests or consulting a specialist. If services are availed at the health center of the college, the insurance will usually cover the expenses and nothing is paid by the student. But, if a specialist outside the campus is consulted, the coverage goes down and a high deductible is usually necessary.

If the student suffers from any preexisting problems, these are not covered if treated even at the college campus health center. Although treatment can be availed, the expenses need to be borne by the student themselves. It also poses way for fresh trouble as any illness that arises as a complication of the preexisting illness is also not covered by the college health insurance plan.

Since college health insurance plans can vary from one campus to the other, it is best to thoroughly learn about the benefits provided by your college health insurance plan. Check if the insurance plan provides coverage during your holidays when the college is not functioning and classes are not on. This needs to be checked as any mishap or illness during your holidays might not get coverage as your college health insurance may not be active during this period. While some plans provide coverage during this period, others might not.

Also, check about the details provided with the plan. See if the plan belongs to HMO type or you can just visit any physician under the plan? This is important to keep in mind for you to seek proper care in case of any medical emergency because if you have to visit a physician or hospital within a prescribed network you will be in trouble if you visit someone outside the given network.

Although it is debated on both sides about the essentiality of a college student opting for college health insurance, there is no ultimate answer. But, if you are planning on taking up one, it is best to thoroughly understand every benefit and detail about the plan so that you will not be in for a surprise when any emergency arises. While the insurance does not come free of cost, it will definitely be useful in case of any medical expenses due to an unexpected illness or a mishap.

Health Insurance in the USA

2008-10-28T02:59:00.000-07:00

With the increasing price of health insurance, it can be hard to know which policy and insurer is best for you. How can you be sure you are getting the best policy for your money. How can you be sure that this coverage will protect every eventuality

In order to best serve yourself, you should first know what a typical health insurance policy covers, what questions you should ask your provider in terms of the policy, how to get the lowest possible premiums, clauses and small print to watch out for before signing any papers, and what additional coverage you may need to consider aside from the standards.

What is Covered By a Typical Policy?

When it comes to health insurance, there are a number of variations in coverage. However, a very basic health care plan covers one well care visit per year per covered individual as a check up procedure, as well as visits to your primary care physician as needed for illness and injury.

These all incur a co pay that is determined by the plan for which you sign up, and your deductible may come into play with certain types of policies, having to be met each year. Some procedures are covered, such as pap smears (twice a year) and prostate exams (annually, based on age) or mammograms (annually, also based on age).

Different types of plans will cover health care differently. For example, an HMO plan, one of 3 different managed care type plans, consists of a network of doctors. You will pick a primary care physician within your network, and any specialists will have to be based on this doctor’s referral.

A POS, or Point of Service, plan will allow your doctor to refer you out of network for the same coverage as if you were to choose a specialist within the network for yourself.

With a PPO, you can see whoever you want, in or out of network, without a referral and just a small financial penalty for going out of network.

Medicare, Medicaid, and State Children’s Health Care provisions are highly regulated by the government and will cover the cost of medications, surgeries, hospitalization, and some skilled nursing care.

What Should I Ask My Provider?

Before you determine which health insurance plan is best for you, consider some questions that you should ask your provider:

* What is the yearly out-of-pocket limit? You don’t want to end up spending a fortune if you frequently go to the doctor.

* What is my co pay? You would like to understand how much you will spend on medications, visits to the doctor, and emergency room care.

* What is my premium? How much is your monthly cost for this insurance?

* What sort of child immunization/pregnancy/birth coverage is offered? Prior to choosing a policy, understand your family statistics.

* What clauses are there regarding pre-existing conditions? Make sure you know what will and won’t be covered based on your former coverage.

How Can I Save Money and Reduce My Premium?

Several options can help you reduce the premium on your health insurance; however, you have to weigh the value of doing so because most decisions are a trade off. First, shop around and find the best value. Don’t choose the first policy you research because it may be overpriced. From there, it all depends on what you are willing to give up.

* Raise your co pay. When you pay more up front for the prescription or the doctor’s visit, your policy doles out less money, which means that your premium will be lower. Remember, though, that you’ll be paying more every time you go to the doctor or fill a prescription.

* Opt for higher deductibles. Are you relatively certain you won’t run into a situation where your deductible will need to be met prior to coverage being enacted (such as hospital stays and emergency care)? If so, you might be accepting to go with a larger deductible so that your premium is minimized.

* Don’t opt for extras. If there are options for additional services, opt out of them to save a little cash.

Read Between the Lines:

Pay attention to the fine print of any health insurance policy in which you intend to enter. There may be clauses regarding pre-existing conditions that are not conducive to your life, and you may find that the provider reserves the right to raise your premium without notice or reason (such as rising industry costs). Be sure you know what your contract says, and you’ll be able to save yourself a lot of hassle and pain in the future.

Other Coverage You May Consider:

In terms of health insurance, there are different options you may consider, such as a flex spending plan, health savings account, or other indemnity plan. You might also want to consider purchasing a package that includes dental and vision insurance or perhaps even life insurance, since you will find that purchasing multiple policies from the same provider often results in discounts in premiums.

Finding the Right Visitor Health Insurance Policy

2008-10-28T02:43:00.000-07:00

When we head out on vacation we do it to relax and get away from the hassles in life. The trouble there is that we don’t always leave trouble at home, sometimes it comes with us in the form of illness or injury. If the thought of this bothers you, then you probably want to find a visitors insurance policy.

Visitor’s insurance plans are exactly the same as other insurance plans. The difference is that you will be insured to a certain time period while you are traveling. This is the type of insurance with which you can keep yourself safe from any kind of trouble. Unfortunately, there is no free coverage for any kind of accident occurred with you while you were traveling the country.

Many people feeling rushed select an inappropriate plan for their needs. They select one that will be effective for their situation. The terms and conditions can be confusing and you may find you are in need of more coverage than you purchased. Care should be taken that you have a thorough understanding of the plan that you choose. Only then should you make a choice.

We will look at 2 varieties of plans available for visitors health insurance. Fixed benefit plans and comprehensive benefit plans. Fixed benefits mean that the insurance will payout only to a certain limit covered by the policy. Each section of the plan has a set amount that can be paid out from it. The amounts are determined by the policy you buy. The documents you receive when buying the policy contain the details of these amounts so be sure to read the documentation thoroughly so you will be familiar with what is covered and how much is allowed under each section.

You may find that the features that distinguish a comprehensive policy are more attractive to you but you will have to be willing to pay a higher premium for the enhanced policy. With the comprehensive plan you are not limited in individual categories but only by the overall limits to the policy that are set when you purchase the policy. This is beneficial should you have a serious accident, injury or illness that would require more coverage than is available in the individual categories as described for the limited coverage policy.

Insurance policies issued by different companies include their own documentation about the risk factors. They cover almost every risk and make you aware of every condition you are going to face in the case of medical treatment. For example, a visitor’s travel medical insurance will cover everything from prescription of drugs to accidental death or dismemberment due to flight accident. They also cover the trip cancellation and trip interruption expenses.

Visitor’s travel insurance has many benefits, but you will be able to enjoy them only if you buy the right policy from the right insurance company. It is observed that people take wrong policies and are not able to use the benefits efficiently. In order to take the most benefits out of your insurance policy, you need to read the brochures carefully and observe every factor meticulously. This is how you can keep your family safe while traveling to any country.

HEALTH INSURANCE

2008-10-28T02:41:00.000-07:00

Health Insurance has gained high importance in the present scenario, since it safeguards you and your family against financial crisis arising due to medical emergencies. It provides monetary support in case of a sudden illness or accident. The increasing cost of health care and the availably of innovative, customer oriented insurance plans, coupled with greater awareness, has accelerated and enhanced the health insurance industry. The insurance companies are innovating their policies continuously to provide unique coverages. However, it is important to be well informed and choose a plan that suits your needs and your budget the best.

What are the basic coverages offered in a standard health insurance policy?
While buying a Health Insurance policy, look for the following basic covers.

Hospitalization Coverage

A basic hospitalization cover takes care of the Inpatient hospitalization expenses where the insured is admitted in a hospital for more than 24 hours. However, there are plans that also cover outpatient expenses and day care expenses. This means that even if the insured is not hospitalized for 24 hours, the outpatient treatment expenses such as reimbursement of medical bills, dental expenses, are covered. These may include doctor’s fees, room charges, diagnostic tests costs etc.

Personal Accident Cover

Certain policies are framed to offer cover in an event of an accident , if it leads to permanent total disablement or the death of the insured. In fact, look for a cover that also offers coverage against terrorism.

Terrorism cover

With the threat of terrorism increasing day by day, insurance companies have now come forward to offer coverage against acts of terrorism. The policy assures monetary support if the insured suffers permanent disablement or dies due to terrorism or acts of terrorism.

Family Floater cover
Family Floater is a concept where the entire family is covered under one plan. Each member of the family is covered up to the total sum insured. As it is a single policy, only a single premium needs to be paid.

To add to this, In India, you also get tax benefits under section 80D of the Income Tax Act, 1961 against the premium you pay for the medical policy. As per the budget 08-09, apart from the Rs. 15,000 benefit for medical premium for your family, you can avail an additional tax benefit for up to Rs. 15,000 when you insure your parents’ health. If your parents are senior citizens you can get tax benefits for up to Rs. 20,000

Availing insurance is now much more convenient than ever before. Always prefer to buy your health insurance online as it is instant and secure. When you buy online, an instant digitally signed e-policy is generated which is a legal document. Hence, even if you misplace your hard copy, you can take a print out of the policy anytime, anywhere.

Also, always check for other online services, such as renewal reminders, renewing online facility, online claim tracking facility etc to ensure a smooth and convenient experience. Also check for payment options available and if you can get interest free EMI option. Look for other add ons such as free health checkup coupons and more. ICICI Lombard offers all these and much more.

The cost of the policy, that is the premium, is usually the deciding factor for many. But it is important that you give equal, or maybe more, attention to the coverage offered in the plan.

Children Health Insurance

Finding The Right Visitor Health Insurance Policy

Health Insurance Cuts For 18,000 In Minnesota

Health Insurance For College Students

Health Insurance For Short Period

Health Insurance In The USA

Individual Health Insurance

Mental Health Insurance

Life Insurance With Cash Value

2008-10-28T02:19:00.000-07:00

When talking about life insurance with cash value it means a life insurance that builds cash value, and this cash value we can withdraw when time in need.

This form of cash value life insurance is whole life; this policy is designed to provide the buyer with interest, it is just like reward given to the policy holder in return on their premium.

Make your money return
One of the attractive things of life insurance with cash value is that the premiums you paid will be returned, the life insurance company will calculate the amount you paid and convert it into cash value. This cash value can pay the premium for the policy holder if he is late for payment, instead of letting the policy lapsed. But when the cash value used up the policy holder has to resume the premium or else this time his policy will lapse.

Withdrawal of cash value

The policy holder can withdraw the cash value if he needs money, it is just like putting money in the bank, but the bank would not give you any coverage. Therefore to own a whole life insurance is not only to have coverage and security, the buyer can have saving as well and he also provides protection for his family and the loved ones. But of course, we don’t spend all our money on life insurance, how much coverage you need will depend on how much are your responsibilities, how many children you have and how much is your monthly income.

Some insurance companies and experts can give you recommendation on how much coverage you need, some said ten times of your annual income, but you can consult them and make your decision.

Life insurance with no cash value

Term life insurance is a policy that has the cheapest premium because it carries no cash value; it provides you only coverage, upon the maturity of the policy the buyer receives no return of his money for premium paid. The term or period is the time frame of the policy, when the policy holder has completed paying the premium of the term stated the policy is said to have matured, the buyer has no more coverage and no cash back.

Term life insurance is just like renting a house, when the tenant ceased to continue to rent he has to move out from the house and no money will be refunded. This policy is recommended to those who want only coverage with low premium, and no saving at all.

For most people would like to have their money back after years of payments, this is usual because we want to make our money worth paying. In this sense you can consider cash value life insurance. We want to have coverage, we want to have compensations for losses, but we are not greedy.

Who Really Needs Life Insurance

2008-10-28T02:17:00.000-07:00

If you die you will never benefit from it anyways. Thus term life insurance is an easy choice because of its lower or cheaper price; people get on the band wagon. So who really needs life insurance? If you purchase a term life insurance, you are indeed buying life insurance for exactly what it meant. It is insurance for a period of time specified by the policy contract and nothing else. Always check the stability of the life insurance companies you are inquiring from. To some it is a funny thing for a couple of reasons.

It is funny because you will never going to use it for your own, the proceeds of the policy you bought. And the chances of you collecting on your insurance before you die are very slim at best. Your policy only pays out after you are dead. Simply put, life insurance is for your loves ones that are left behind after you pass away. The chances of you collecting when you really needed the cash are also slim at best.

But if you put everything into perspective, you do really need a life insurance so that when your time comes you will not burden those people left behind. Your love ones will not have to think of where to get the money for your own burial. Dying these days in age is quite expensive so being insured means your love ones left behind will have at least something to use.

But in all of these thought, one thing for sure is going to happen. You are going to die one day. We all are going to die for sure. And when you talk about life insurance death has the emotional component attached to it and every salesmen use these for any sales pitch they are going to do. It is very powerful since all of us will buy into our emotions. Whenever you got into these situations, it is easy sells other products attached to insuring yourself.

If you come across an insurance sales agent you will be hearing so many types and forms of life insurance. But in actual fact, there are probably only two types of life insurance. To the savvy and knowledgeable people, there is term life insurance and all the rest. What I mean by this is that the rest of them like universal life, whole life, variable life and etc. only have those add on investment component to it. But then this is where you have to make a wiser and a well informed decision.

The investment component to a whole life or a universal life is that there are too many variables or factors to consider. The problem with these types of insuring yourself is that the supposed savings can sometimes be inefficient. There is the question of what if the company goes bankrupt? It is only good as long as the company is rock solid and continues to be liquid.

Whether it is term life insurance or the other types of life insurance, all of them have their advantages and drawbacks. Just make sure you got all the information you need to make that wise and informed decision and choose the one that suits your lifestyle and situation.

Cost of Life Insurance

2008-10-28T01:59:00.000-07:00

Too many people are concerned about how much does life insurance cost or what is the average price insuring yourself. But you cannot blame them because they a vested interest in their investment and money they use to pay the premiums. The cost or price of your policy coverage is not the only thing you have to be concerned about. The type of life insurance is another important aspect of looking for plan coverage. And term life insurance is the cheapest and most commonly sought after type of insuring.

For new families and just starting out, children are very expensive and this is common knowledge to any prospective parent. This expense will never go away until your children are able to feed and provide for themselves. And if something happens to you or your spouse, your child care cost will in fact actually rise. This is because of the added trouble of dealing with and trying to do two different tasks that two parents should be doing. You will definitely have very little time to do other things and you will end up paying for child care expense.

Every parent who lost a spouse especially a bread winner has the income or budget compromise. Thus, sometimes the remaining parent will have to find a second job to compensate for the loss. And this is extremely difficult especially when your children are still very young. Now, you will spend more time out of the house and not with your children because of your second job. It is most likely that the financial burden can spiral and leading to financial and emotional trouble. The emotional trouble alone can really make somebody sick and unable function much more work. The trauma of losing someone very dear to you can really take its ugly head.

With these entire sad and troubling situations one has to go through in cases like this, a term life insurance could at least lessen the burden. Every new family who are just starting out should protect and secure their family and love ones with a term life insurance. It should be a standard purchase for every new family. This security and protection if insured is priceless when tragedy strikes many families. Obviously it will not completely eradicate the problem of losing someone very dear to you; it would be more painful if your way of life is abruptly stop or change for the worse.

Term life insurance is the cheapest amongst the many types of insuring yourself. Compared to whole life insurance, term life is sometimes ten times cheaper. But the two types offer different features and components. Term life covers you for a specified period of time while whole life has a savings feature attached to it. But with term life, you can purchase 1, 5, 10, 15, 20, or 30 year policy. What you can do is choose what suits your needs and you can change it later when your predicament changes.

Variable Life Insurance

2008-10-28T01:18:00.000-07:00

Let us define variable life insurance, also referred to as Variable Appreciable life insurance. It is a form of whole life insurance that provides the beneficiary of the plan with permanent protection. This type of policy is termed “variable” because of the root nature of the monies used to fund the policy. This plan allows the holder to set aside a certain sum of money to be invested in equity funds, money market funds, bond funds, or any combination of the said funds. These investments, just like any other form of monetary investment, will fluctuate with the movement of the market and the stock exchange. Therefore, the value of this policy will be determined by the set value of the uninvested monies plus the value of the monies invested in the market.

Many variable life insurance policies allow for a hold on the value of the policy. This hold ensures that the total value of the policy will not fall below a certain amount. This amount on hold only pertains to the death benefit and has nothing to do with the total cash value of the policy. The cash value of the policy, which is the amount of money the holder can draw upon during their lifetime, will have no cash minimum.

The Benefits of a Variable Life Insurance Policy

This insurance policy allows the holder to invest untaxed monies. These monies will remain untaxed until the life insurance policy is used. Potentially, any monies earned by the investments can be used to lower the premiums on the life insurance policy.

The Potential Hazards of a Variable Life Insurance Policy

This type of life insurance policy holds a certain amount of risk. As with any monetary investment, the cash value is not guaranteed. Thus, gambling with the cash value of the variable life insurance policy can render the policy worthless aside from the guaranteed death benefit. The death benefits as stated when the holder begins the policy may also be reduced. Variable life insurance companies will offer a guaranteed death benefit, but this amount may be significantly lower than the amount obtained at the inception of the policy.

This is a policy which holds the potential for great gains but you can also stand the chance of losing the overall value of the death benefit to the point of a minimum value as we define the variable life insurance policy.

Disability Benefits Under Life Insurance Policies

2008-10-28T01:14:00.000-07:00

Two main methods of providing disability income in life insurance policies are: waiver of premium and combination policies.

1. Waiver of Premium

Many life insurance policies offer a “waiver of premium” provision in the event the policy owner becomes disabled during the term of the policy. A separate premium is payable for this additional coverage or rider. For tax purposes, the adjusted cost basis of the policy does not include any additional premium payable for this benefit. The payment of this type of benefit does not represent a disposition for tax purpose, since it is paying an amount equal to the premium to keep the policy in force.

2. Combination Policies

A policy that is considered exempt allows the cash values in the plan to accumulate on a tax-deferred basis. Recently, some insurers have designed policies that allow the addition of the disability benefits within an exempt life insurance policy.

These policies provide both (i) life insurance protection and (ii) disability income benefits. For example, one type of policy allows the cash values of the insurance policy to fund all or a portion of the disability premium. The cash value can also be used to finance the disability benefits. Therefore, the Elimination Period for the disability benefits can be extended, which has the effect of reducing the costs of the disability plan.

There are several some advantages and disadvantage to these combination products:

Advantages of combination policies

a)The packaging of insurance benefits into one product can simplify the process for the prospective purchaser.

b)The completion of the application and underwriting requirements for the combined policies may be quicker as duplicate questions and medical tests can be avoided.

c)The policyholder can benefit from reduced policy charges under a combined policy.The premiums for disability insurance benefits are normally an after-tax expense.

However, the cash values of the life insurance policy that are growing on a tax-deferred basis can be used to fund the charges under a combined program. The policyholder, therefore, benefits due to their ability to use the tax-deferred investment income under the exempt life insurance policy to fund some or all of the disability premiums.

d) Combining disability insurance and life insurance creates flexibility for premium payments. Generally “disability only products” require the payment of a level annual premium.

By including disability coverage within an exempt insurance policy, it is possible to build up a cash reserve that can be used to fund future morbidity or disability costs.

2. Disadvantage

a)It can be very difficult for one company to provide the best products in both the life insurance and disability product lines. A policyholder may have to forgo some important product features when dealing with a combination product.

b) A combination product may not be as flexible as separate policies once the policy is in force. A policyholder with separate life and disability policies could make changes to one policy, such as surrender the policy, without affecting benefits under the other policy. This may not be the case with a combination product.

c) As they are relatively new to the marketplace, the tax treatment of these types of plans is still in the process of evolving. Taxation department may disagree with the insurer’s position that the cash values of an insurance policy can be paid out tax-free in the event of disability. As well, the calculation of the adjusted cost basis of the insurance policy could be impacted by taxation department interpretation of the rules and the combination of benefits under an insurance policy could affect its exempt status.

Beneficiaries to Life Insurance Policies

2008-10-28T01:11:00.000-07:00

Life insurance beneficiaries are people you name in your policy which will receive a death benefit if you should die. If you choose not to name a beneficiary, then a death benefit will be paid out to your estate. This article takes a fast look at the beneficiaries of life insurance policies.

Life insurance is used for the purpose of providing a payment of money after the death of the person who was insured by the policy. The insured person is mentioned in the policy as being the person covered by it. The money payment from the policy in the event of the passing away of the insured is called the death benefit. It is paid out to beneficiaries mentioned in the policy contract.

What is a beneficiary?

This person is nominated in a life assurance policy contract to receive the death benefit. You are able to nominate a single person or more, a trustee, a charity or just your estate.

There are basically two types of beneficiaries. They are a primary and a contingent nomination. The primary person receives a death benefit if she can be contacted after your death. In case the primary person cannot be found, then the contingent person will receive the death benefit. If both are missing the benefit is paid to your estate.

The beneficiaries of your life insurance policy should be clearly identified to prevent possible confusion. You can include a social security number for each relevant person you name. Provide full names of the people you choose.

There are more types of beneficiaries as well. Let us take a look at them.

Final beneficiary — This person or entity will receive a death benefit if they outlive the other ones. This level is usually reserved for aunts and uncles or a charity of your choice.

Multiple beneficiaries — When choosing multiple individuals to receive the death benefit, it is important to state clearly how much each individual should get.

Many married people choose to name their spouse as a primary beneficiary. Be mindful when choosing to name an executor, creditor, or a minor to receive a life insurance policy death benefit.

It is important to regularly update your policy information with regards to the beneficiaries. This is especially important after events such as a divorce or child birth.

Be mindful of these tips to help you with life insurance beneficiaries.

* Designate both primary and contingency persons.

* Provide their full name and state their relationship to you.

* Clearly define how the death benefit is to be divided between the beneficiaries.

You should be certain to buy enough life insurance for your particular needs. You should also match the duration of the policy to your individual needs. Buy life insurance when you are healthy since this will ensure a lower premium.

The beneficiary receives a face value of the policy if the policyholder dies within the specified duration of a policy. If the insured person survives this period, then the beneficiaries may receive no benefit. This is the old motive for murder you regularly see on murder mysteries on television. In the case of whole life insurance, this is less of a problem since they stay in force for up to 100 years of age.

Life Insurance Policies

2008-10-28T01:08:00.000-07:00

Many types of insurance policies are out there for you to pick up the required one. All insurance policies help you to cover emergency big expenses with low payments or will assure an insurance cover for the family in case of an eventuality of accident or death. All these policies are great ideas helping millions of people to recover from the sudden financial deficiency to meet the unexpected situations like illness, accident and also death of an insured. There are personal insurances, home insurances and auto insurances. The most favorite and highly useful are personal insurances. Personal insurance schemes are further divided into many variations. The various schemes under this life insurance are many. This insured policy amount will be issued to the insurer if he survives the insurance term or it will be issued to the legal heirs after death.

• If the bread winner of the family meets an unexpected death, the dependents will be subjected to many sufferings. They will suffer in all fronts of life. At least to come out from the financial difficulties the life insurance cover is highly essential. Life insurance schemes as the name suggests provide the insurance cover for the life. In such cases of eventuality, the total policy amount with the bonuses accrued over it during the entire period of payments will be given to the legal heirs. One bigger advantage of this insurance scheme is that the dependents who claim the insurance amount need not pay any further installments.

• The Life insurance cover is extended to not only for the case of the death of the insurer, it gives financial support if the insurer becomes bed ridden with inability to do any activity. Loss of limbs and such greater pathetic situations are also covered under these insurance schemes.

• Depending up on the term of the payment, the insurer is eligible to get back the total policy amount with the bonuses for whole the years of premium payments. But the problem with such insurance policies is the insurance cover gets seized by the maturity of the policy. During the term of the policy, the insurance cover is applied and the legal heirs need not pay any further installments at the eventuality of claiming the insurance amount.

• Depending up on the term of the insurance policy, the monthly payments will be varying. The least expensive life insurance policies are term life insurance policies. Some of these insurance policies can be taken for life term. These types of policies will be effective only after the death of the insurer. The dependents or nominee of the insurer will get the policy amount after the demise of the insurer. The monthly premium will be much less for these types of policies.

• Other term life insurance policies are usually cover fixed periods like 5 years, 10 years, 25 years, etc.

LIFE INSURANCE

2008-10-28T01:03:00.000-07:00

A life insurance policy is evidence of a contract between two parties; one party is the life insurance company and the other party is the policy owner. Under a term insurance policy, the insurance company promises to pay the sum insured, if the life insured dies within the period specified in the policy; if the life insured is alive at the end of the period, the policy terminates on that date and the life insurance protection ceases.

1. Increasing term
Increasing term insurance might be employed in situations where the liability being protected against is both temporary and increasing; for example, such a policy might be used to protect the value of a key employee in an organization, where the employee’s salary is expected to increase every year. With this type of policy, the annual premium generally increases in step with the increases in the face amount of insurance coverage.

2. Decreasing term
A decreasing term policy or rider provides for the payment of a fixed monthly benefit from the date of the life-insured’s death to a fixed future date, such as the 20th anniversary of the date of issue. Such a decreasing need might also be to guarantee additional monthly income until the youngest child is through school.Generally, premiums for term insurance policies are for the same amount for each and every year of the term; this is also the case for decreasing term policies.

3. Fixed-period term
Term insurance policies are commonly issued for specified periods, such as 1, 5, 10, 15, and 20 year; they are often issued to terminate at a specified age of the insured, generally at age 65.

4. Renewability and convertibility
This right to convert without evidence is provided in the term policy, regardless of changes in health or occupation. Renewable term insurance normally is identified as such at the time of application. You must understand that, at each renewable period, the premium goes up, because the person has got older.

Average Price Of Life Insurance

Beneficiaries To Life Insurance Policies

Cost Of Life Insurance

Disability Benefits Under Life Insurance Policies

Life Insurance Policies

Life Insurance With Cash Value

Variable Life Insurance

Who Really Needs Life Insurance

Top 10 Ways to Lower your Auto Insurance Bill

2008-10-28T00:21:00.000-07:00

If you're shopping for car insurance, you know there are certain crucial factors influencing your rate that are out of your hands. Such factors include your age, gender and record of prior claims.

Despite this, there's a lot you can do to score a lower rate, and your choices bear more power than you might think. Here are 10 tips guaranteed to help you get the best rate possible on your auto insurance.

Get more than one rate quote before you commit. "Company prices are very different, and it pays to shop around. You can easily wind up paying double from one company to the next," says J. Robert Hunter, director of insurance with the Consumer Federation of America, a national watchdog group.
Want to get a sense of who the low-priced carriers are? The National Association of Insurance Carriers offers a map on its Web site that lists each state's regulators. Click on your state and you're taken to the state's Department of Insurance Web site. Its consumer buying guide compares insurance premiums across a range of companies. You'll also learn how many complaints each company has logged. Surprisingly, you don't have to sacrifice service quality to score a low premium. "A lot of the lower-priced companies have the best service rates," says Hunter.
There are a host of independent Web sites, like CarInsurance.com, that allow you to comparison-shop by offering online price quotes. These sites can be incredibly useful. However, Hunter warns that these services — which earn their keep by charging carriers a commission on each sale — occasionally fail to include the insurance companies with the lowest rates, since these low-cost carriers are unwilling to pay commissions.

Evaluate insurance costs before you buy your vehicle. The year, make and model of your vehicle can have a profound impact on your insurance rate. All else being equal, new, expensive or sporty cars will cost more to insure than older, cheaper and more utilitarian vehicles. But you could find a substantial discrepancy even when comparing the cost to insure similar cars. So if you've got a few models on your shortlist, contact your carrier to see what rate each vehicle commands. Doing so could ultimately net you a windfall in savings when the time comes to pay your premium.

Go high on deductibles. If you're willing to give a little with your deductible, you can wind up saving big on your rates. "If you go from a $250 to a $1,000 deductible, you can save between 25 and 40 percent on your policy," says Hunter. You can then set aside a portion of these funds to cover your costs in the event of a claim.

Nix collision and/or comprehensive coverage on older cars. If your older car has comp and collision coverage, you might find yourself paying more in insurance than the car is worth. "Take your comp and collision premium and add it up, then multiply it by 10. If your car is worth less than that, don't buy the coverage," says Hunter. If you're worried about being left overexposed, consider this: The typical policyholder makes a claim only once every 11 years, and reports a total loss only once every 50 years.

Mind your credit score. An increasing number of carriers are considering credit scores when making rate calculations. "Your credit score can be very important in determining your rate," says Hunter. "You can wind up paying up to 50 percent more if you have a bad credit score." Keep your credit score in tip-top shape by paying bills in a timely manner and by regularly checking that there are no items on your history that do not belong to you.

Ask about low-mileage discounts. Many carriers offer discounts to policyholders whose annual mileage is lower than the norm. Maybe you have a short commute. Or maybe your participation in the office vanpool results in fewer hours spent in your daily driver. Whatever the case, your low mileage can score you a reduced rate with some companies, so be sure to inquire about available discounts.

Ask about group insurance discounts. Oftentimes, insurance companies offer discounts to policyholders who are members of certain organizations or professions, such as veterans, engineers or teachers. Request a list of these groups from your carrier to see if you qualify — you might be pleasantly surprised.

Ask about all other discounts. Some carriers offer discounts to policyholders whose vehicles bear certain safety features, like anti-theft devices or motorized seatbelts. Others give reduced rates to senior citizens, and to students whose grades meet certain requirements. "Many carriers offer discounts. Ask for them when you're shopping," says Hunter.
However, Hunter offers one caveat: "Some of the companies that offer the highest discounts have the highest rates, so don't get too focused on discounts. Some high-priced companies offer high discounts, but at the end of the day you're still paying more."

Avoid lapses in coverage. Even a brief lapse in coverage can disqualify you from receiving discounts. "They use lapses in coverage to increase your premium," says Hunter. Pay your insurance bills on time. And if you're switching carriers, make sure not to quit your previous carrier until the new coverage takes effect.

Think twice about paying in installments. Most carriers charge an administration fee to pay in installments. One carrier surveyed levied a $10 charge per installment to those who opted to break up their bill. The solution? Pay your premium up front, if at all possible.
Of course, this charge is more significant for those with small premiums. If you've got a king-sized premium and feel you'd get a better rate of return by investing your funds elsewhere instead of paying up front, then the installment route will probably best suit your needs

Auto Insurance for Teenage Drivers

2008-10-28T00:15:00.000-07:00

The statistics about teenage drivers aren't good. According to the Insurance Institute for Highway Safety (IIHS), 16-year-olds get into accidents almost six times more often than drivers between the age of 30 and 59. No wonder car insurance premiums are so high for this age group.

However, not all car insurance companies take the same dim view of young drivers. And some discounts are available to help you cut costs. Remember, the higher the risk, the higher the cost of insurance premiums. Let this be your guiding principle as you shop for insurance.

Here are 10 suggestions to help lower premiums and keep your teenager's license free of violations:

1. Help your teen learn the laws and follow them to the letter
By far, the best way to lower car insurance costs for teens is for them to keep their driving record clean. Make safe driving a family project. In some states, restrictions apply to new drivers. Parents should know what the laws are and insist that their sons and daughters follow them.

2. Set a good example
Do you break the speed limit and tailgate? Do you yell at other drivers when you're behind the wheel? If you do these things, how can you expect your children to act differently? Start watching your own driving long before they get their license and you'll have a much easier time convincing them to be safe drivers. Remember, actions speak louder than words.

3. Put your teenager on your policy
Rather than setting up an independent policy for your teen driver, put them on your auto insurance policy as an additional driver. In this way, all the discounts applied to your policies will be passed on to them.

4. Pay your teenager to get good grades
Here's a creative tip — find out how much you save if your teenager gets a good grade point average and pass it on to them. Usually, having a 3.0 or higher GPA will reduce your car insurance premium by 10 percent. Figure out exactly how much this saves you and give that money to your teenager. This accomplishes two things. First, it provides a direct reward for academic performance. Secondly, it motivates them to continue getting good grades.

5. Enroll them in driver education courses
Discounts are available for teens who take recognized driving classes. But call your car insurance company to find out which schools are covered before paying big bucks.

6. Steer clear of sports cars
Don't try to live vicariously through your teenager by giving them the hot car you couldn't get in high school. Getting your teenager a safe car to drive, with the latest safety equipment, will lower your premiums. Not only will you save money on car insurance, but fast driving will be less of a temptation.

7. Get their support
Don't assume that your teenager wants to vacuum clean your wallet. Ask them for help cutting costs and point out that you will share in the savings (see rule #4). Tell them how much car insurance costs and show them how this fits into the family budget. If nothing else, you will score points for treating them as adults.

8. Talk to your kids about drugs and alcohol
This is a tough subject to broach with teenagers, who think they have everything under control. But the consequences of saying nothing can be catastrophic. Take the time to lay down some guidelines in this important area.

9. Take traffic school to beat tickets
Once a ticket is on your teen's license, it takes months to get the violation removed. Instead, encourage them to take traffic school if the judge allows it. A day spent thinking about the consequences of unsafe driving can bring rewards for years to come.

10. Ride with your teenager
Your teenager was a safe driver last year when he or she got a license. But what's happened since then? Let your son or daughter take the wheel while you sit back and relax in the passenger seat. If you see them doing something that breaks rules or seems unsafe, point this out in a diplomatic way. If they are doing a good job driving, praise them for their efforts.

If you follow the above suggestions, you will find that you can make it through the teenage years safely — and without paying an arm and a leg for car insurance. It just takes cooperation and understanding from both sides of the generation gap.

How to Choose the Right Auto Insurance Company

2008-10-28T00:06:00.000-07:00

If you've read "10 Steps to Buying Insurance" article, you should have a pretty good idea of how much car insurance to buy and how to find a low-cost policy. But how do you make sure that the company you sign on with is going to be reliable? When we say "reliable," we're talking about how the insurer treats you, the customer. Most importantly, how will the company deal with you when you file a claim?

To help answer this question, we consulted two insurance experts: Dennis Howard, director of the Insurance Consumer Advocate Network (I-CAN) and a retired insurance adjuster, and Doug Heller, a consumer advocate at The Foundation for Taxpayer & Consumer Rights, a California-based consumer advocacy group. Both had several ideas for consumers determined to make sure their car insurance investment is directed toward a trustworthy company, one that will pay on time and in full.

1) Visit your state's department of insurance Web site
Although you may not be familiar with it, your state, and every state, has a department of insurance. Most departments have Web sites, and many publish "consumer complaint ratios" for all of the insurance companies that sell policies in their state. This ratio tells you how many complaints a car insurance company received per 1,000 claims filed.

Both experts recommended that consumers use complaint ratios to screen prospective insurers. "Just because they're a big name doesn't mean that they'll be a 'good neighbor' or that you'll be 'in their hands,'" Heller noted.

If you've done your homework, you should already have a list of car insurance companies with the lowest premium quotes. Now jot down the companies with the lowest (or best) complaint ratios. Then, compare your two lists — the companies that rank best on both lists merit your strongest consideration.

If you can't find complaint ratios for your state, Heller recommends examining the complaint ratios published by other states. Keep in mind that a single insurance company's practices can vary significantly from state to state — a subpar ratio in one state doesn't necessarily mean the situation is the same in your state. But watch for general trends. If an insurer is getting a lot of complaints in several other states, you probably don't want to get involved with this company. The I-CAN Web site provides links and contact information for every state's department of insurance.

Also note that insurance department Web sites often provide basic rate comparison surveys. These can give you a rough idea of which insurers might interest you on a financial basis without the hassle of typing in all your personal information (as you must when you use one of the online quote sites).

2) Find out which insurers body shops recommend
One of the best ways to identify reliable insurers, according to Howard, is to contact local body shops that you trust and ask for their recommendations. Body shop managers have a unique perspective to offer, since they regularly interact with insurance adjusters. They know which companies have the smoothest claim processes, which affects how quickly the work can be completed on a damaged vehicle. And they know which companies are pushing aftermarket parts, in lieu of genuine original equipment manufacturer (OEM) parts, to cut costs.

3) Check the J.D. Power Ratings
J.D. Power and Associates collects data from individual policyholders nationwide and rates them according to coverage options, price, claims handling, satisfaction with company representatives and the overall experience. A quick visit to the J.D. Power Consumer Center will give you a feel for how the major carriers stack up. J.D. Power also publishes an annual survey of major auto insurers — Amica and Erie have finished at the top for the last three years. These are also companies that Howard recommends: "Erie is sold by independent agents, who are very knowledgeable about the product. I like their claims handling approach. Almost all other companies look at a claim and find a way to not pay it. Erie and Amica will look at it and try to find a way to cover it."

4) Consider insurers' financial strength ratings
As a final check, you can take a look at the A.M. Best and Standard & Poor's ratings. Both companies publish financial strength ratings for all insurance companies — these "measure" an insurance company's ability to pay out a claim (they have nothing to do with the way a company treats its customers).

For the general consumer, looking up these ratings is only a formality, since most of the well-known carriers are going to be a safe bet. Moreover, independent agents would be unlikely to recommend a company with dubious financial standing. Still, if you're considering a smaller, unfamiliar insurance carrier, you might consider this research time well spent. Insurance companies often provide this information on their Web sites, but if not, you can run a search at the A.M. Best and Standard & Poor's sites.

The A.M. Best rating is expressed as a letter grade from A++ (the highest) to D. Some companies may be assigned ratings of E (indicating regulatory action regarding the company's solvency), F (in liquidation) and S (suspended). In any case, you should only work with companies that have at least a B+ rating.

The Standard & Poor's ratings range from AAA (the highest) to CC. Additionally, some companies receive ratings of R (under regulatory supervision) and NR, which means "not rated." The letter grades might be modified by a plus or minus mark. Consider only those companies that have at least a BBB rating.

5) Still confused? Consider working with an agent
It used to be that everyone purchased auto insurance from an agent, but now, car insurance companies like Esurance, Geico and others allow you to purchase insurance directly — over the phone from a customer service representative or online. Still, many of the major players have preserved their national networks of local agents — even if you use State Farm's or Allstate's Web site, you will still be assigned a local agent.

There are two kinds of agents:

a) the captive agent, who represents only one insurance company (major carriers like AAA, Allstate and State Farm sell policies through captive agents).

b) the independent agent, also known as a broker, who represents several insurance companies and therefore does not have a vested interest in selling you a policy from one particular company.

The main advantage in having your own agent is that this person has a vested interest in keeping you happy. Accordingly, he can become familiar with your situation and guide you toward a suitable policy. Howard favors the use of agents and advised, "Don't rule out direct providers, but my personal preference is to have an agent, preferably an independent agent, write your policy for you.... An independent agent would become aware of less advantageous conditions with one company [and help you move to another]. You can change carriers without changing your agent. I encourage consumers to develop a relationship with their agent."

The prospect of good working relations with an agent may help you to make a decision: When Heller purchased auto insurance for the first time, two insurers gave him similar quotes, but he went for the slightly higher one because the agent had been highly recommended by a friend. "You shouldn't go direct without always checking out other options," he said.

But, he cautioned, "Never feel pressured by a broker or an agent. Take the time to talk with an agent or a broker as well as do your online research. You may not need an agent — you may find a better deal with a company that operates direct."

Independent agents sometimes charge a fee for their services, but you may be able to negotiate that. You should agree upon any fee in writing before making a purchase. Look for agents who are certified by Independent Insurance Agents of America (Big "I") or Professional Insurance Agents (PIA).

Of course, we know you have better things to do with your time than think about car insurance. Realistically, most people won't be able to do everything on this list before choosing an insurance carrier. But if you feel that you've been burned during the claims process in the past, consider at least one or two of these suggestions — you'll thank yourself if you're ever involved in another accident.

How to Save Money on Car Insurance

2008-10-27T23:52:00.000-07:00

There is a very good chance that you are — this very moment — paying too much for your car insurance. There is an even better chance that you could get a better rate, from another insurance company, than you could from your existing insurer.

So why not take an hour or so and review your policy for potential savings? Or, if you're fed up with the high insurance rates from your current insurer, shop around for a new company.

The Internet has created increasing competition between car insurance companies. It is easier than ever for consumers to shop for low insurance rates, to analyze coverage and compare premiums. Still, studies have shown that people don't shop around for insurance in the same way they might shop for a new car. Also, people tend to stay with the same car insurance company for years. Why not prove these studies wrong? Put the power of the Net to work for you and save money in the process.

You can save on auto insurance in five ways:
Make sure you get all discounts you qualify for
Keep your driver's record clean and up-to-date
Adjust your coverage to assume more risk
Drive a "low profile" car equipped with certain money-saving safety features
Shop around for a good, low cost insurance provider
First, let's look at the discounts you might qualify for. Discounts fall into a number of categories:
Low-risk occupations
Professional organizations
Combined coverage
Discounts for safety features
More risk assumed by driver
Discounts for senior citizens

Low-Risk Occupations
Insurance is a numbers game. Adjustors collect information about what types of people get into accidents. Over the years they see a trend. Drivers that work as engineers tend to get into fewer accidents. Why? It would be fun to speculate about the reasons (pocket protectors — need we say more?) but the insurance companies don't really care about that. All they know is that, in fact, engineers are a low risk. Since there is less chance that they will wrap their cars around the trunk of a horse chestnut tree, they charge engineers less for insurance. Simple.

But you say you are a teacher instead of an engineer? You might still be in luck. There may be discounts for teachers. You never know unless you ask — and unless you shop around. Not all insurance companies are the same.

Professional Organizations and Auto Clubs
Have you ever been about to pay $100 for a hotel room, only to discover that a AAA discount saves you 15 percent? Now you're paying $85 and feeling proud of yourself. It's similar in the insurance business. Affiliation with AAA — and certain other professional organizations — will lower your rates. You should check with your employer to see if there are any group insurance rates. At the same time try checking directly with the insurance company representative when you inquire about the cost of policies.

Combined and Renewal Discounts
A big source of savings is to insure your cars with the same company that insures your house. Make sure you ask if combined coverage is available. This will lower your payments on your car insurance and make your homeowner's policy cheaper too.

It's also important to make sure you are getting a "renewal" discount that many car insurance companies offer. This is a discount given to people who have been with the same insurance company for an extended period of time. If you have carried insurance with a company for several years, and not had an accident, your insurance company likes you. Think about it. You paid them a lot of money and they didn't have to do anything except send you bills and cash your checks. True, they were ready to do something if you got in an accident. But you didn't get into an accident so they're happy and want to continue their relationship with you. A renewal discount is a good incentive to urge you to return. And it's a good reason for you to stay with them.

Discounts for Auto Safety Features
Auto safety features will also lower your payments. Heading the list of money saving safety features is antilock brakes. Certain states — such as Florida, New Jersey and New York — encourage drivers to buy cars with antilock brakes by requiring insurers to give discounts. Check to see if you live in such a state, or if the insurance company you are considering gives a discount for this feature. Automatic seatbelts and airbags are also frequently rewarded with insurance discounts.

Assume More Risk
Two powerful ways to bring your coverage down is to assume a higher risk. This is done in two ways. The most dramatic reduction can be realized by dropping your collision insurance on an older car. If the car is worth less than $2,000, you'll probably spend more insuring it than it is worth. The whole idea of driving an older car is to save money, so why not get what is coming to you?

Another way to redesign your policy — and save money in the process — is to ask for a higher deductible. The deductible is the amount of money you have to pay before your insurance company begins paying the rest. In other words, you pay for the little dings and bumps and let your insurance company pay for the heavy hits.

For example, a common deductible amount is $500. This means if an accident you're in causes $1,500 worth of damage, you pay $500 and the insurance company pays $1,000. You could, however, set your deductible to $1,000. This still covers you against heavy losses, but it may decrease your monthly premium by as much as 30 percent.

As a final note, if you are being strangled by high insurance costs, keep this in mind when you go car shopping next time. The more expensive and higher-performance the car is, the higher the premium will be. This is particularly true of cars that are frequently stolen, or are expensive to repair. The insurance company keeps this in mind when setting its insurance rates for this vehicle. Shop for a low-profile car and get your kicks in other ways. You'll love the savings you'll see on your auto insurance.

10 Steps to Buying Auto Insurance

2008-10-27T23:49:00.000-07:00

Step 1: Starting Out
When it comes to auto insurance, you want to be adequately covered if you get in an accident but you don't want to pay any more than you have to. So how can you navigate your way through this murky subject?

Keep telling yourself there is money to be saved. How much? Hundreds, even thousands, per year. For example, one of our editors typed all of his insurance information into a comparative insurance service. The quotes (for very basic coverage on two old cars) ranged from $1,006 to $1,807 — a difference of $801 a year. If you're currently dumping thousands into your insurance company's coffers because of a couple of tickets, an accident or a questionable credit rating, shopping your policy against others may be well worth the effort.

Look at it this way — you can convert the money you save into the purchase of something you've desired for a long time. Hold that goal in your mind.

Step 2: How Much Coverage Do You Need?
To find the right auto insurance, start by figuring out the amount of coverage you need. This varies from state to state. So take a moment to find out what coverage is required where you live. Make a list of the different types of coverage and then return for the next step.

Now that you know what is required, you can decide what you need in addition. Some people are quite cautious. They base their lives on worst-case scenarios. Insurance companies love these people. That's because insurance companies know what your chances are of being in an accident, and how likely it is for your car to be damaged or stolen. The information the insurance company has collected over previous decades is crunched into "actuarial tables" that give insurance adjustors a quick look at the probability of just about any occurrence.

So how much insurance should you buy beyond your state's minimum?

Experts recommend that if you have a lot of assets you should get enough liability coverage to protect them. For instance, if you purchase $50,000 of bodily injury liability coverage but have $100,000 in assets, attorneys could go after your treasures in the event of an accident in which you're at fault and the other party's medical bills exceed $50,000.

General recommendations for liability limits are $50,000 bodily injury liability for one person injured in an accident, $100,000 for all people injured in an accident and $25,000 property damage liability (that is, 50/100/25) given that half of the cars on the road are worth more than $20,000. Here again, though, let your financial situation be your guide. If you have no assets, don't buy excess coverage.

Another issue to consider is that the limits of any uninsured and/or underinsured motorist coverage that you purchase cannot exceed the limits of your liability coverage. Such coverage, he said, can be valuable, as it will cover lost income if you're out of work for several months after being injured in a major accident.

Your driving habits may also be a consideration. If your past is filled with crumpled fenders, if you have a lead foot or a long commute on a treacherous winding road, then you should get more comprehensive coverage. Keep in mind that you don't have to buy collision and comprehensive coverage. If your vehicle is older, if you have a good driving record and if there is a low likelihood that it would be totaled in an accident, but a high likelihood of it being stolen, you could buy comprehensive but not collision.

Step 3: Review Your Driving Record and Current Insurance Policy
Before you begin shopping for insurance you should check the following: the status of your driving record, your current coverage and the premiums you are paying.

You should know how many tickets you have had recently. But time plays tricks and our memories repress painful incidents. If you can't remember how long that speeding ticket has been on your record, check with your state's DMV. If your record will soon improve, and the points you earned will finally disappear, wait until that happens before you get quotes. Nothing drives up the price of insurance like a bad driving record.

Also, you should contact your auto insurance company or pull out a recent bill. Jot down the amount of coverage you have and what you are paying for it. Take note of the yearly and monthly cost of your insurance since many of your quotes will be given both ways. Now you have a figure in mind to try to beat.

Step 4: Solicit Competitive Quotes
Now that you have made several practical and philosophical decisions, it's time to start shopping. Begin by setting aside about an hour for this task. Bring all your records — your current insurance policy, your driver license number and your vehicle registration. Drink plenty of coffee. Have a phone at your elbow. And, of course, power up your computer.

Begin with the online services. If you go to InsWeb.com or other online insurance quote sites, you can type in your information and get a list of comparative quotes. These forms take about 15 minutes to complete. If this bores you, just remind yourself how much you will be saving and that you can use the money to buy something nice for yourself. If the entire shopping process takes you two hours to complete and you save $800, you're effectively earning $400 an hour.

A few things to keep in mind: 1) When you use quote sites, you may not get instant quotes. Some companies may contact you later by e-mail, and some that are not "direct providers" may put you in touch with a local agent, who will then calculate a quote for you. (A "direct provider," like Geico, sells an insurance policy to you directly; other companies like State Farm sell insurance through local agents. We'll discuss the pros and cons of each later.) 2) It's not easy to get quotes from these sites in all states — if you live in New Jersey, for instance, you'll probably find it faster to pick up the phone, since most insurers in this state currently don't provide online quotes.

You can also try getting quotes from some of the insurance companies listed on the Edmunds.com Web site — Esurance, Geico or Progressive. These forms will take about 10 minutes each to complete.

Step 5: Record and Compare Quotes
While you're researching companies, make notes in a separate computer file or on a piece of paper divided into categories. This will keep you from duplicating your efforts. When you visit the different online insurance sites, you should take note of several things:

Annual and monthly rates for the different types of coverage — make sure to keep the coverage limits the same so that you can make "apples-to-apples" comparisons

An 800 number to call for questions you can't get answered online

The insurance company's payment policy (When is your payment due? What happens if you're late in making a payment?)

Discounts offered by the insurance company that pertain to you

The insurance company's consumer complaint ratio from your state's department of insurance Web site (more on this later)

The insurance company's A.M. Best and Standard & Poor's ratings

Step 6: Work the Phones
Once you have exhausted your online options, it's time to work the phones. Those companies you haven't been able to get an online quote from should be contacted. At times, doing this process verbally can actually go faster than the online counterpart, providing you have all the information regarding your driver license and vehicle registration close at hand. When you get a quote, be sure to confirm the price. Also, ask them to fax or e-mail the quote to you as a record.

Step 7: Look for Discounts
While talking to the insurance companies' telephone salespeople, make sure you explore all options relating to discounts. Insurance companies give discounts for a good driving record, favorable credit score, safety equipment (for example, antilock brakes), certain occupations or professional affiliations and more.

Step 8: Choosing the Right Insurance Company
You now have most of the information in front of you that you need to make a decision. However, there is something more to consider. You can clearly see which company is least expensive, but when you need them to cover a claim, what kind of job will they do? To put it another way, which is the most reliable insurance company?

Below, we offer a number of issues to guide your thinking and help you reach a decision:

Visit your state's department of insurance and check consumer complaint ratios and basic rate comparison surveys.

Get in touch with local body shops or dealerships you trust and ask which insurance companies they recommend.

Consider contacting an insurance agent for additional information about a particular company.

Check out the financial strength ratings for an insurance company by referring to the A.M. Best and Standard & Poor's ratings.

Look over J.D. Power and Associates' consumer satisfaction surveys reviewing auto insurance companies.

Step 9: Review the Policy Before You Sign
So, you've done your research, and you've decided on a company. Before you sign, though, read the policy. In addition to verifying that it contains the coverage you want, there are two clauses that you should look for in the contract:

Retain your right to sue. "Find out if you are giving up your right to go to court and will be forced into arbitration if there is a disagreement [between you and the insurance company]," one expert advised. "You're much better off if you don't give up this right…. It makes it easier for [insurers] to take advantage of you." If you find a clause to this effect, all isn't necessarily lost. "At least in theory, a contract is a mutual agreement, so you should be able to cross out that line in the policy," he said. If the company won't agree to the policy sans clause, then you should probably take your business elsewhere.

Avoid aftermarket parts requirements. If an insurance company has written in the policy that "new factory," "like kind and quality" or "aftermarket parts" may be used for body shop repairs, go to another company, one expert advised. If you own a relatively new car that you plan to keep for a while, you will probably be much happier if you spend a little more time researching companies on the front end rather than try to fight the company when you have a claim.

Step 10: Cancel Your Old Policy
After you lock in the insurance policy you want with the company you select, you have two more things to do. The first is to cancel coverage with your existing insurance company. Second, if your state requires you to carry proof of insurance, make sure you either have it in your wallet or the glove compartment of your car (some experts discourage this, however — if your car is stolen, the thief has everything he needs to prove the vehicle is his).

Now, there's one last thing to do: reward yourself for saving so much money on car insurance.

Checklist

Determine your state's insurance requirements.

Consider your own financial situation in relation to the required insurance and consider buying more to protect your assets.

Review the status of your driving record — do you have any outstanding tickets or points on your driver license?

Check your current coverage to find out how much in premiums you are paying.

Get competing quotes from an Internet insurance Web site such as InsWeb.com, YouDecide.com and InsureOne.com.

Make follow-up phone calls to insurance companies to get additional information about coverage.

Inquire about discounts you might qualify for such as a multiple policy discount.

Evaluate the reliability of the insurance company you're considering by visiting your state's insurance Web site.

If you have chosen a new insurance company, remember to cancel your old policy

AUTO INSURANCE

2008-10-27T23:11:00.000-07:00

Everyone knows that car insurance can be expensive. However, in the Internet era, getting an online car insurance quote is fast and easy. With the resources and information we present here, it is easier than ever to compare auto insurance quotes. We will also tell you what differences exist between one auto insurance company and another. Basic coverage is described and comparative shopping strategies are clearly outlined. What about teenage drivers? We take a special look at shopping for car insurance for them. What if you have auto insurance but can't keep up with the expensive premiums? We might be able to show you how to continue getting the coverage you need while reducing your payments. And, finally, what about the mysterious type of insurance called "gap insurance"? This is a form of auto insurance that usually applies to leased cars. In some cases, however, a car buyer might also need gap insurance. We'll tell you when and how much to buy.

10 Steps To Buying Auto Insurance

Auto Insurance For Teenage Drivers

Claiming Auto Insurance

How To Choose The Right Auto Insurance Company

How To Save Money On Auto Insurance

Top 10 Ways To Lower Your Auto Insurance Bill